What is social commerce? The #TikTokMadeMeBuyIt trend that’s not going away21 April 2023
Social commerce is revolutionising the way we shop online. With social media feeds becoming the new storefront, retailers are now using platforms such as Instagram and TikTok to create a seamless shopping experience for consumers. According to a recent report, the market for social commerce is predicted to surpass US$1 trillion globally in 2023, making it a force to be reckoned with in the retail industry.
Why is it so successful?
More than 2 billion people worldwide now purchase products on social media platforms. This is because social commerce blends the point of inspiration with the point of purchase, intertwining product discovery with effortless payment. The entire purchase decision-making process happens without leaving the platform, offering consumers a streamlined and easy shopping experience.
For retailers, this offers an efficient process where they can incorporate their existing points of sale to incentivise impulse buying. Anyone can link and tag products they like, creating lots of organic marketing and word-of-mouth opportunities.
Social media influencers, for example, can use their massive following to promote and sell products to their followers, offering an alternative to traditional advertising.
And it’s all thanks to TikTok…
As one of the fastest growing social media platforms in existence, brands are now utilising its perfect algorithm to market and sell products. A staggering 55% of users have bought something after seeing the brand on the app yet only 18% of marketers are using the platform.
2023 is going to see exponential growth in e-commerce purchases through all social media platforms but TikTok is predicted to reap the greatest success after overtaking Google as the most visited internet site in the world.
TikTok has reignited teleshopping through live videos on its platform. In China, live streaming shopping events have been a phenomenon for years, and this trend is now spreading globally.
TikTok users can purchase products directly from a video that is being live streamed, making the process of purchasing much more convenient and fun. This is particularly appealing to younger consumers who are drawn to the interactive and engaging nature of these videos.
Social commerce is the future
With the ability to integrate e-commerce technology with social media, social commerce is redefining the shopping experience, making it more personalised and convenient.
In conclusion, social commerce is changing the face of e-commerce, and it is not a trend that is going away anytime soon. As more and more consumers turn to social media platforms to shop, retailers who embrace social commerce are likely to see increased engagement and sales. Whether you’re a small business or a large corporation, social commerce offers endless opportunities to connect with consumers and create a more interactive and engaging shopping experience.